BP seeks investors
Firm's chief exec holds talks with Abu Dhabi
07 July 2010
BP officials have met representatives from the Abu Dhabi
Investment Authority (ADIA) in their search for investors.
Chief Executive Tony Hayward held talks with the Middle Eastern
group yesterday (6th July), although sources refused to confirm the
nature of the negotiations.
The oil giant is currently looking to boost its flagging share
price to fend off any potential takeover bids.
Despite BP ruling out any new shares, some shareholders are
still concerned by the prospect of a potential new rights
issue.
A BP investor told the Daily Telegraph: "There will be a stink
about issuing shares, the company doesn't need either the capital
or a row over pre-emption rights.
"We've made it clear that any new investor must buy shares in
the market and support the price."
Following the Gulf of Mexico oil spill in April the firm's
market value has fallen by 50 per cent.